General Insurance newsletter Friday 7th November 2025

Insurance News

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Unlocking AI's potential in insurance: Insights from experts - Getting started with AI doesn't have to be overwhelming. IDEX reveals the proven strategies successful insurers are using, from conducting business reviews to bringing teams along the journey. Discover the practical first steps that separate AI leaders from laggards. (IDEX Consulting news, 'Unlocking AI's potential in insurance: Insights from experts')
Liberty Mutual’s Q3 2025 net income jumped to $2.22B as the combined ratio improved to 84.7% on sharply lower catastrophe losses and stronger investment income, despite an 8.2% drop in net written premiums, highlighting a profitability-over-growth strategy. (Josh Recamara, 7/11/2025, Insurance Business, 'Liberty Mutual posts strong Q3 results')
AXA has launched two global initiatives that extend its impact beyond insurance: Unlock Education, a three-year partnership with Ashoka to support 30 social entrepreneurs reimagining education for social cohesion, and AXA Safe Spaces, a free, 12-language workplace training program to help employers identify and support victims of domestic and sexual violence - signalling a deeper commitment to social well-being and resilience. (Josh Recamara, 7/11/2025, Insurance Business, 'AXA launches global initiatives to tackle domestic violence and reinvent education')
Zurich Insurance delivered strong Q3 growth, with P&C GWP up 8% to $38.9B, powered by a 16% retail surge, specialty strength (construction rates +5%, combined ratio <85%), and Middle Market gains (Europe +11%, US +7%), supported by lower nat-cat losses, disciplined underwriting, and expansion across EMEA and Farmers. (Kenneth Araullo, 6/11/2025, Insurance Business, 'Zurich Insurance grows premiums in Q3 as specialty, retail segments shine')
Hiscox reported broad Q3 growth, with ICWP up 5.9% to $4.05B driven by a 6.1% rise in Retail (double-digit new business), strong UK performance (+8% ICWP) aided by marketing and new distribution, and continued gains in Europe (+7.1%), while London Market and Re & ILS grew modestly amid softer rates; investment returns strengthened and the firm continued share buybacks. (Kenneth Araullo, 6/11/2025, Insurance Business, 'Hiscox highlights major retail expansion in Q3 results')
Intact Financial posted a strong Q3 with operating DPW up 6% to CA$6.6B and a sharply improved 89.8% combined ratio, driven by strong Canadian and US underwriting and investment income, while UK & Ireland DPW fell 5% due to portfolio remediation and exits; net operating EPS hit CA$4.46 and operating ROE rose to 19.6%, with a CA$1.33 dividend declared. (Josh Recamara, 6/11/2025, Insurance Business, 'Intact Financial reports strong Q3 results despite UK slump')
AXA Founder and honorary Chairman Claude Bébéar has died at 90; credited with transforming AXA into a global leader through major M&A and expansion, he shaped the firm’s culture and social responsibility agenda, led until 2000 (later chairing the supervisory board), and is being honoured by AXA leaders; a private funeral is planned. (Paul Lucas, 5/11/2025, Insurance Business, 'Claude Bébéar, AXA founder, dies at 90')
Lancashire Holdings reported nine‑month GWP up 7.4% to $1.8B and insurance revenue up 7.8% to $1.4B, aided by a 5.6% YTD investment return and the minority buy‑out of Syndicate 2010; the board approved a $0.75 special dividend (~$182M) as the group maintained disciplined underwriting despite wildfire losses and a 96% renewal price index. (Kenneth Araullo, 5/11/2025, Insurance Business, 'Lancashire grows premiums, approves special dividend after strong third quarter')
International General Insurance's (IGI) nine-month net income fell to $94.9M (from $105.1M) on FX and lower net premiums earned, while Q3 core operating income rose to $38.6M (22.9% core ROAE); GWP was flat at $525.6M, Q3 loss ratio improved to 39.3%, but nine-month combined ratio increased to 87.1% due to cat losses and FX. (Kenneth Araullo, 5/11/2025, Insurance Business, 'IGI sees mixed nine-month results amid currency headwinds')

AIG’s Q3 saw net income per diluted share up 31% to $0.93 and AATI per share up 77% to $2.20, with GI underwriting income up 81% and the combined ratio improving to 86.8%; AIG returned $1.5B to shareholders and announced deals to invest in Convex and Onex and acquire Everest renewal rights, expected to be accretive. (Kenneth Araullo, 5/11/2025, Insurance Business, 'AIG Q3 2025 net income surges as latest deals boost outlook')
Clear Group has integrated Phelan Caswell Insurances into Clear Insurance Ireland following its 2024 acquisition (including financial planning assets); MD Mark Phelan and an 18-strong team join to expand commercial lines reach across Ireland, strengthening Clear’s scale and M&A-led growth strategy. (Josh Recamara, 5/11/2025, Insurance Business, 'Clear Group integrates Phelan Caswell Insurances')
UK MGAs face a more competitive cycle as brokers narrow panels and demand specialism, speed and clear authority; Pen Underwriting highlights that differentiation now hinges on genuine expertise and flawless execution, with regional access and empowered underwriters key, while tech serves as an enabler, not a replacement, amid softening rates and rising claims pressures requiring tighter MGA - broker - capacity collaboration. (Gia Snape, 4/11/2025, Insurance Business, 'MGA sector enters new phase as competition, broker expectations intensify')
Insurance buyers are securing double-digit rate cuts and ample capacity across property, cyber and D&O globally, though motor remains an outlier with rising rates; Aon’s Q3 2025 insights flag fragmented “micro-markets,” softening as a pricing correction, and rising systemic risks—urging clients to reinvest savings into coverage, limits and resilience while maintaining strong insurer partnerships. (Paul Lucas, 4/11/2025, Insurance Business, 'Insurance buyers see double-digit rate cuts')
Crawford & Company reported a 31% year-over-year rise in Q3 net income to US$12.4m at US$0.25 per diluted share despite a 2% revenue dip to US$322.2m, driven by operational efficiencies; record quarters for Broadspire at US$103.4m and International Operations at US$112.9m offset softer North America activity amid fewer major weather events, with margins improving across key units. (Jonalyn Cueto, 4/11/2025, Insurance Business, 'Crawford sees higher earnings in Q3')
CNA Financial posted record Q3 core income of $409m and net income of $403m or $1.48 per share, driven by lower cat losses, stronger underwriting and higher investment income; P&C core income rose to $456m with an improved all-in combined ratio of 92.8 and expense ratio of 29.1, as CNA invests in talent, AI and expands its Cardinal E&S platform. CEO Douglas Worman will also become board chair from Jan 1, 2026. (Josh Recamara, 4/11/2025, Insurance Business, 'CNA Financial reports record core income in Q3')
Acies MGU launched Subscribe MGA, a Lloyd’s-backed agency focused on PI, management liability and D&O for SMEs and mid-corporates, led by Rob McKay with a data-driven, tech-forward model; the move expands Acies’s financial lines footprint across London market and select international risks, complementing its regional growth strategy and specialist MGA portfolio. (Josh Recamara, 4/11/2025, Insurance Business, 'Acies MGU launches new MGA to expand financial lines offering')
The International Union of Marine Insurance IUMI’s 2025 Stats Report shows stability in hull and cargo lines, with ocean hull premiums up 3.5% to US$9.67b and cargo up 1.6% to US$22.64b, while offshore energy fell 7.9% to US$4.34b; data tools like the Major Claims Database and Hull Inflation Index highlight rising macro risks including geopolitics, climate and aging fleets into 2025. (Josh Recamara, 4/11/2025, Insurance Business, 'IUMI report: Hull and cargo insurance maintain stability as offshore energy declines')
Aon’s Q3 revenue rose 7% to $3.997b with 7% organic growth and a 31% jump in operating income to $816m; Risk Capital and Human Capital both advanced, with strong Commercial Risk, Reinsurance, Health and Wealth performance, expanding adjusted margin to 26.3% and boosting free cash flow 13%. (Jonalyn Cueto, 3/11/2025, Insurance Business, 'Aon reports 10% revenue growth in third quarter')
Berkshire Hathaway’s Q3 operating earnings rose, supported by insurance and steady rail, energy and manufacturing results; cash hit a record $381.7b, float reached ~$176b, and the firm sold $6.1b in shares while trimming its Bank of America stake and agreeing to buy OxyChem for $9.7b as Warren Buffett prepares to hand CEO duties to Greg Abel. (Rod Bolivar, 3/11/2025, Insurance Business, 'Berkshire operating income climbs as Buffett heads towards exit')
The Fidelis Partnership, with Blackstone funds, launched Lloyd’s Syndicate 2126 to write property, specialty and bespoke lines (including via Pine Walk) with c.US$300m 2026 capacity; alongside Syndicate 3123, TFP targets >US$1.3b GWP next year, with Peter Welton as active underwriter (pending approval) and capital deployed via London Bridge 2.(Josh Recamara, 3/11/2025, Insurance Business, 'Fidelis and Blackstone expand Lloyd's footprint with new syndicate')
FERMA’s new ESG-Toolbox for Captives outlines how captives can embed sustainability into underwriting, investment and governance: integrating climate KPIs, supporting transition risks, innovating benefits and supply-chain incentives, and formalising strong governance—positioning captives as strategic levers for measurable ESG outcomes amid CSRD-driven disclosure pressures. (Josh Recamara, 3/11/2025, Insurance Business, 'Captives positioned to drive ESG integration, FERMA says')

Mergers and Acquisitions

Lincoln International completed its acquisition of MarshBerry, expanding its insurance and wealth advisory capabilities across the US and Europe; the combined platform integrates MarshBerry’s consulting, valuation and benchmarking with Lincoln’s investment banking, targeting middle-market M&A and private capital, CEOs Rob Brown and John Wepler said. (Josh Recamara, 3/11/2025, Insurance Business, 'Lincoln International completes acquisition of MarshBerry')

Moves

Pen Underwriting named Michael Doyle CEO of its Irish operations; the 25-year market veteran from Ivernia, Zurich, and Wrightway will lead expansion and product broadening as Wrightway transitions to Pen Underwriting Ireland. (Josh Recamara, 7/11/2025/ Insurance Business, 'Insurance moves: Pen Underwriting, Allianz Trade, BHSI and Antares')
Allianz Trade promoted William Whittington to Global Head of Specialty Credit and Mid Term, succeeding Christophe White; based in London, Whittington brings Lloyd’s roots and multinational experience since joining in 2016 (Singapore, Paris, New York) and now assumes global responsibility for the division. (Josh Recamara, 7/11/2025/ Insurance Business, 'Insurance moves: Pen Underwriting, Allianz Trade, BHSI and Antares')
Berkshire Hathaway Specialty Insurance (BHSI) promoted Frederic de Blieck to Country Manager, Belgium, expanding his role beyond Head of Executive & Professional Lines; he joined in 2022 and brings nearly two decades of financial lines experience. (Josh Recamara, 7/11/2025/ Insurance Business, 'Insurance moves: Pen Underwriting, Allianz Trade, BHSI and Antares')
Antares Global promoted Andy Bridgwood and Chris Early to joint Class Cargo Underwriters to lead its cargo book under Head of Marine James Glynn; Bridgwood (joined 2022) brings 15 years’ cargo experience from Tokio Marine Europe and Generali, while Early (joined Mar 2025) brings a decade from Starstone, AIG and Apollo. (Josh Recamara, 7/11/2025/ Insurance Business, 'Insurance moves: Pen Underwriting, Allianz Trade, BHSI and Antares')
AXA XL named Sabrina Lahrmann Head of International Property, UK & Lloyd’s, effective Nov. 1, to lead underwriting strategy for the international property retail business from London; Lahrmann brings 20+ years’ experience, previously serving as Underwriting Manager for this division and holding senior roles at AXA UK and Allianz. AXA XL also announced that David Jones will join as Chief Underwriting Officer of Retail, UK & Lloyd’s in spring 2026; Jones comes from QBE as Director of Underwriting for property and packaged business, with prior leadership roles at Aviva and Mitsui Sumitomo. (Josh Recamara, 6/11/2025, Insurance Business, 'Insurance moves: AXA XL, Reassured and NSM UK')
Reassured appointed Laura Mullaney as Chief Growth Officer effective October, tasking her with operational transformation across digital scripting, customer engagement, and partner network expansion; bringing 20+ years’ experience, she previously served as Transformation Director at Hastings Direct and Managing Director of distribution at BGL Insurance, supporting the firm’s push toward digital enablement and customer-centric operations. (Josh Recamara, 6/11/2025, Insurance Business, 'Insurance moves: AXA XL, Reassured and NSM UK')
NSM UK appointed Neil Thomsett as Operations Director for Kingfisher Insurance and Kingsbridge, overseeing tech and operations integration to boost broking efficiency and client service; bringing senior experience from Adler Fairways and UKGI Group in process improvement and M&A, Thomsett’s hire supports CEO Paul Havenhand’s growth plans across niche personal and commercial lines, including motor trade, classic vehicle, motorsport, and specialist contractor coverage. (Josh Recamara, 6/11/2025, Insurance Business, 'Insurance moves: AXA XL, Reassured and NSM UK')
BIBA named One Call Insurance Director Sarah Chadburn as Chair of its Regional Chairs’ Advisory Board and a member of the main board; she succeeds John Batty of Bridge Insurance Brokers, who moves to BIBA’s Insurance Brokers’ Standards Committee. With 20+ years’ broking experience, Chadburn will represent brokers across 11 regions, reinforcing BIBA’s focus on local issues shaping national advocacy. (Josh Recamara, 5/11/2025, Insurance Business, 'Insurance moves: BIBA, Westfield, Arch, Arc Legal, Bridge Specialty, BPL and MAXIS GBN')
Westfield Specialty International named Anthony Baldwin President, Specialty International (subject to regulatory approval), based in London and reporting to Global President Jack Kuhn; the former AIG UK and Europe CEO brings 30 years’ experience to lead non-US operations as Westfield Specialty’s GWP hits $1.4B for the first nine months of 2025. (Josh Recamara, 5/11/2025, Insurance Business, 'Insurance moves: BIBA, Westfield, Arch, Arc Legal, Bridge Specialty, BPL and MAXIS GBN')
Arch Insurance UK appointed Chris Walker -joining from Aviva, where he held underwriting roles - as Senior Property & Casualty Underwriter in Bristol to expand P&C portfolios and deepen broker relationships across the West, Southwest and Wales, reinforcing its regional growth strategy and investment in experienced underwriting talent. (Josh Recamara, 5/11/2025, Insurance Business, 'Insurance moves: BIBA, Westfield, Arch, Arc Legal, Bridge Specialty, BPL and MAXIS GBN')
Arc Legal Group (AmTrust International) appointed John Walsh as Commercial Director to drive growth and deepen partner relationships; with 20+ years’ experience at RSA, Swinton, and British Engineering Services, he’ll support the company’s expansion across legal expenses and assistance lines, with strong growth expected into 2026. (Josh Recamara, 5/11/2025, Insurance Business, 'Insurance moves: BIBA, Westfield, Arch, Arc Legal, Bridge Specialty, BPL and MAXIS GBN')
Bridge Specialty International appointed a new transactional liability leadership team - Charles Russell as Managing Director, with Hollie Markham and Jack O’Flaherty as Executive Directors- all ex-Gallagher - to build out W&I and tax insurance capabilities, advancing BSI’s strategy to scale in high-growth specialty lines. (Josh Recamara, 5/11/2025, Insurance Business, 'Insurance moves: BIBA, Westfield, Arch, Arc Legal, Bridge Specialty, BPL and MAXIS GBN')
Aegon named David Herzog as Chairman effective November 13, 2025, succeeding William Connelly, who retires the same day. The company will also propose Leni Boeren for board membership at the 2026 AGM; Boeren is the former CEO of Kempen Capital Management and Robeco Groep and has extensive non-executive experience. Connelly endorsed Boeren’s appointment, and Herzog noted his intent to work closely with the board and CEO Lard Friese. (Rod Bolivar, 3/11/2025, Insurance Business, 'Insurance moves: Aegon, Iprism, Broadstone, Fiducia, Gallagher, Fidelis')
Iprism appointed Adrian Saunders as Non-Executive Chairman, following his April 2024 board entry; the former senior leader at Ecclesiastical, Marsh, Zurich and Hiscox will support governance and strategic oversight, a move CEO Ian Lloyd says reflects the firm’s growing maturity as a management-owned business. (Rod Bolivar, 3/11/2025, Insurance Business, 'Insurance moves: Aegon, Iprism, Broadstone, Fiducia, Gallagher, Fidelis')
Fiducia appointed Graeme McFarlane as Development Underwriter for Scotland and the northeast of England; bringing 30-plus years of marine insurance experience from Santander, he will bolster broker support with expert underwriting and tailored coverage, CEO Gerry Sheehy said. (Rod Bolivar, 3/11/2025, Insurance Business, 'Insurance moves: Aegon, Iprism, Broadstone, Fiducia, Gallagher, Fidelis')
Gallagher appointed David Rush as Independent Non-Executive Director of Arthur J Gallagher Holdings (UK) Ltd; the former Deloitte Partner will chair the audit committee subject to regulatory approval, bringing nearly 40 years’ financial services experience as the firm integrates AssuredPartners and continues UK growth, CEO Michael Rea said. (Rod Bolivar, 3/11/2025, Insurance Business, 'Insurance moves: Aegon, Iprism, Broadstone, Fiducia, Gallagher, Fidelis')
Fidelis Insurance Holdings appointed William Waddell-Dudley as UK Chief Underwriting Officer; formerly Lead Underwriter for specialty reinsurance at IQUW with senior roles at AmTrust, Talbot, AIG and Hiscox, he will help strengthen and expand London underwriting operations, said group CUO Ian Houston. (Rod Bolivar, 3/11/2025, Insurance Business, 'Insurance moves: Aegon, Iprism, Broadstone, Fiducia, Gallagher, Fidelis')